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What is FinTech?
#1
Financial Technology, nowadays better known under the term 'fintech', describes a business that aims at providing financial services by making use of software and modern technology.

Today, fintech companies directly compete with banks in most areas of the financial sector to sell financial services and solutions to customers. Mostly due to regulatory reasons and their internal structures, banks still struggle to keep up with fintech startups in terms of innovation speed. Fintechs have realised early that financial services of all kinds – including money transfer, lending, investing, payments, ... – need to1 seamlessly integrate in the lives of the tech-savvy and sophisticated customers of today to stay relevant in a world where business and private life become increasingly digitalised.

Especially millennials (people born between approx. the early 80s and late 90s) and the following generations prefer quick and easy banking services over walking to a branch, appointments with bank consultants and lengthy processes setting up accounts or putting together a portfolio (as two of hundreds of examples where mobile and digital banking services allow for a more frictionless and stress-free process).
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#2
Honestly, I have been using Internet banking for 10 years, does it mean I already have been adopting FinTech 10 years ago?
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#3
It’s a value proposition that he said makes it worth it for financial institutions to go along with the paradigm shift in financial services
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